The Dow Jones Industrial Average and S&P 500 closed lower on Monday as shares of big banks fell broadly. Worries about a deluge of corporate earnings reports coming this week and rising geopolitical tensions also dampened investor sentiment.
The 30-stock Dow fell 126.93 points to 25,317.41, led by losses in Goldman Sachs. The S&P 500 pulled back 0.4 percent to 2,755.88 as the financials sector dropped 2.1 percent. The Nasdaq Composite, however, gained 0.3 percent to close at 7,468.36 as Amazon and Apple rose 1.4 percent and 0.6 percent, respectively. Monday also marked the fourth straight day of losses for the S&P 500, while the Nasdaq snapped a three-day slide.
Bank of America and Citigroup both fell more than 3 percent. J.P. Morgan Chase and Goldman Sachs closed 1.4 percent and 2.4 percent lower, respectively. The SPDR S&P Bank ETF (KBE) fell 2.8 percent, posting its worst day since Oct. 10, when it pulled back 3.1 percent. Banks fell broadly amid worries that higher mortgage rates would cap loan growth.